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Tonquin (TON) appears to have taken a break from the massive decline within 30 days. The coin saw a slight rally as it tried to climb key resistance levels. TON, which found support at the $5 mark for a while, finally broke through the $5.25 resistance level.
Toncoin's challenge is sustainability
According to CoinMarketCap DataTON is trading at $5.39, representing a 2.33% increase over the past 24 hours. However, the slight gains did not boost investor confidence, as trading volume fell slightly by 1.21% to $196.97 million.
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TON has attempted to rediscover these price levels after hitting an all-time high (ATH) of $8.24 in June 2024. The closest it came in December when it rose to $6.8 amid broader bullish sentiment in the cryptocurrency market.
Analysts are of the opinion that TON needs community support to sustain its rebounding moves during the current price bounce. They insist that the TON market size needs to rise to help boost demand from investors in general.
However, the dynamics of the broader cryptocurrency market make this difficult. In the first place, Bitcoina leading digital asset, is also seeing a price decline amid investor caution. A rally with Bitcoin could lead to a rally in other altcoins, including TON.
Whale activity boosts TON
Notably, despite the fluctuations TON has experienced since around the second week of December, whales have supported the ecosystem.
As u.today I mentionedThere was an 80% increase in large transactions in December. This rise translated to $8.75 billion on the penultimate day of 2024.
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This development indicates that TON whales are either accumulating or engaging in massive moves of their assets.
In a similar development, whales have witnessed increased activity recently, with... 1.55 billion tons With a value of $8.86 billion. Analysts assert that huge transactions by whales in the TON ecosystem helped prevent the coin from falling below the $5 support level found in late December.
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